What's shocking, as Jezebel also points out, is that according to a Visa survey, parents in lower income brackets will end up spending an enormous chunk of their annual income on the event.

"Those who make between $20,000 and $29,999 a year will spend more than $2,600, twice the national average, while families in high income brackets plan to spend between $700 and $1,000," Malcom writes.